Need for Cloud Security
Cyber threats to the BFSI system are rapidly increasing. The average cost of a financial services mega breach in 2022 was USD 387 million, taking 277 days to identify and contain a violation. And hence the global community must cooperate to protect it. Financial institutions are the richest sources of personally identifiable information of clients, customers, and stakeholders—they are primary breach targets and need a comprehensive threat defense plan.
Customer expectations, emerging technologies, and alternative business models are changing, and financial institutions must start implementing an action plan to help them prepare for any future threat. Recognizing the importance of cloud adoption, safe migration, and cloud security are significant. Cloud is the most uncontroversial goal for banks and other financial services firms to store and protect data and applications and permit advanced software applications via the internet. In addition, once massive data sets are combined in one place, the institution can apply advanced analytics for integrated insights.
Benefits to BFSI by adopting Cloud technologies
By moving workloads to the cloud, financial institutions can achieve the following.
- Securing sensitive data of customers and mission-critical workloads safe and compliant.
- Mitigating risk and accelerating cloud adoption for their most sensitive workloads.
- Financial institutions can reshape customer experiences, streamline operations, and unlock new revenue models. Compromising security or regulatory compliance is unacceptable, especially on a public cloud.
- Address compliance requirements with a standard controls platform built in collaboration with the finance industry.
- Accelerating innovation with an ecosystem of ISVs, fintech, and SaaS providers
- Protecting data with industry-leading security capabilities
- Operate with choice and agility using hybrid cloud deployment options
- Reduce your time to obtain cloud production approval using a standardized framework, compliance posture documentation, and continuous compliance tooling
- Protection of Identity and Access through Cloud Identity and Access Management solutions. Financial Institutions must achieve authentication and authorization of user accounts and Access controls to restrict legitimate and malicious users from entering and compromising sensitive data and systems. In addition, password management, multi-factor authentication, and other methods of IAM make a strong cloud posture.
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